Dubai’s property giant Emaar reports slight profit increase – News of Bahrain- DT News

Dubai’s property giant Emaar reports slight profit increase – News of Bahrain- DT News

Dubai's property giant Emaar reports slight profit increase. Dubai-based construction giant Emaar Properties reported yesterday a slight increase in its 2019 net profits, despite falling real estate prices.. The one percent increase, although minimal, comes amid falling prices in Dubai's key real estate market, where companies -- including leading private developer Damac Properties -- have been struggling to make a profit.. Emaar posted a net profit of $1.69 billion for 2019, up one percent on the previous year, it said in a statement.. The company recorded a revenue of $6.69 billion last year, about a four percent decrease from 2018.. Damac Properties announced yesterday its first annual loss in a decade.. The company reported a loss of $10 million for 2019 compared with a net profit of $313 million in the previous year, as revenues dropped by 28.2 percent to $1.2 billion, a statement said.. Real estate prices in Dubai have been on the decline since 2014 due to oversupply by builders, who are anticipating a pick up in sales ahead of the international trade fair Expo 2020..